Charitable Giving Under the New Tax Law
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Charitable Giving Under the New Tax Law
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President Donald Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. While the new legislation redefined the tax brackets and eliminated personal deductions, it also changed the rules for charitable giving. Here are some of the changes you need to know in order to plan your donations appropriately for the upcoming year.
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Charitable Giving Under the New Tax Law
- STANDARDDEDUCTION Many Americans make charitable contributions because they will receive a tax deduction. However, they only get the deduction if they itemize their taxes. The new tax act nearly doubles the standard deduction to $12,000 for individuals and $24,000 for married couples filingjointly.1 This means that more people will not bother to itemize, and thus, will no longer qualify for charitable deductions. DONATE THE LA W OJ-"FICES OJ,' DAVID L. CARRIER, P.C. ESTATEPLANNING & ELDER I.AW